Audacy First Quarter Revenue Falls 5.7%
The company reports net revenue for the first quarter of 2023 was $259.6 million, a decrease of 5.7% over Q1 of 2022. Audacy reports that total operating expenses increased 1.9% and it is reporting an operating loss of $12.2 million compared to the operating income of $8.5 million it reported in the first quarter of 2022. The
company posts a Q1 2023 net loss of $35.9 million, an increase of 225% compared to Q1 of 2022. Audacy chairman, president and CEO David J. Field states, “First quarter revenues were down 5.7% with local sales significantly outperforming national as challenging ad market conditions persisted. Cash operating expenses were up 3% during the quarter but are expected to be below prior-year levels for the remainder of 2023. Notwithstanding the difficult economic headwinds, we remain steadfastly focused on delivering significantly higher future levels of Adjusted EBITDA, capitalizing on our multiple growth drivers and our differentiated premium competitive position in the dynamic audio market. We are making progress on each of our drivers, including our podcasting and digital marketing solutions businesses, our reinvented streaming audio platform, our emerging ad tech and ad products, and our enhanced national enterprise business development efforts. In addition, we are encouraged to see some positive signs in our auto business as we continue our vigorous work to weather the storm and await future improvements in market conditions.”
Broadcast Advertising revenue was $45.9 million (down 4.8% over Q1 of 2022), and Subscription Digital Marketing Solutions revenue was $21.5 million (down 1.3% over Q1 of 2022). Townsquare Media CEO Bill Wilson says, “I am pleased to share that Townsquare’s first quarter results exceeded our previously issued guidance for both net revenue and Adjusted EBITDA, due primarily to the continued strength of our digital and local advertising platform and solutions… In the first quarter, we grew cash flow from operations to $9 million, due to the strong cash generation of many of our assets, and opportunistically repurchased more than $12 million of our Unsecured Senior Notes at a discount. We ended the quarter with a strong cash balance of $42 million and maintained our all-time low net leverage multiple of 4.29x. Our growth engine has been and will continue to be our digital solutions. We believe that our Digital First business model and strategy position us to navigate the current macro-economic environment better than most, and that our revenue, profit and cash flow results will be among the best in the local media industry, particularly when compared to 2019 pre-COVID financials given our growth in revenue and profit since 2019. Our confidence is directly tied to the Townsquare team’s efforts and talent, as well as our large, growing, and profitable digital platform which contributes more than half of Townsquare’s total net revenue and profit.”
increased 17.4% to $67.7 million leading to an operating loss of $4.2 million as compared to operating income of $5 million posted in Q1 of 2022. Salem reports a net loss of $5.2 million, compared to Q1 2022’s net income of $1.7 million. Salem reports in three segments – Broadcast, Digital Media, and Publishing. Broadcast revenue for the quarter was $48.3 million (down 0.2%), Digital Media was $10.5 million (up 2%), and Publishing revenue was $4.6 million (up 19.7%). Looking ahead, the company is projecting total revenue to decline between 5% and 7% from the second quarter 2022 total revenue of $68.7 million and expects operating expenses to increase between 3% and 6% compared to Q2 of 2022. 
entertainment voices under one umbrella, DraftKings Network is the destination for ‘In on the Action’ sports fans and content they love. We look forward to reaching fans with our deep roster of independent, credible and relatable voices that resonate 
competing news outlets through 2025. Carlson and FOX parted ways several weeks ago but Carlson’s contract with the media firm could keep him from working from another media outlet while FOX continues to pay him $20 million per year. Reimann’s piece indicates that Carlson is fielding offers from numerous conservative news/talk outlets including Newsmax, Rumble, One America News, and The Daily Wire. Freedman told Axios, “The idea that anyone is going to silence Tucker and prevent him from speaking to his audience is beyond preposterous.” 
Tik-Tok is hot (largely among users too young to be heavy AM/FM listeners) and it’s in-the-news (about its possible ban). And, yes, Facebook remains T-Rex in the social media jungle. But people on Twitter seem to live there.
related to crime, law enforcement, public safety, homelessness and the failures of many of our elected officials.” The program debuts this evening (5/8) at 7:00 pm ET. CRN Digital Talk Radio CEO Michael Horn says, “We are thrilled to have Sheriff Villanueva join our lineup of hosts on CRN Digital Talk Radio. His experience and expertise in law enforcement and in public service make him a valuable addition in the talk media universe and we look forward to providing a platform for him to connect with the audience.”
vice president of BetQL Network. Audacy Chicago VP of programming and operations Greg Solk says, “Mitch Rosen is ‘The Score’ and has led his team for nearly two 
decades of unprecedented success. He has a keen eye for talent and has the deepest relationships in Chicago sports media. We are all excited about the future of ‘The Score’ with Mitch leading the way.” At the same time, the company promotes assistant brand manager Ryan Porth to program manager, reporting to Rosen. In this role, Porth will assume day-to-day responsibilities of the station’s programming. Rosen comments, “Ryan Porth came into “The Score Clubhouse” in January of 2022 and has fit in like a veteran. We are excited about his next step in helping to guide the future of Chicago’s sports powerhouse.”
recently served the company as division vice president of digital. McCrary Mitchell says, “I am honored and thrilled to be market president for Memphis & Tupelo. iHeartMedia is engrained in both communities and my stewardship will embrace our alliances and initiate partnerships to strengthen mutual community interests. It’s a privilege to lead this talented team in sharing the iHeartMedia message.”
classic hits WVBO-FM. Philpott comments, “I knew very quickly after speaking to and meeting with [regional VP] John Rowe that rejoining Cumulus in Appleton/Oshkosh was the right move for me. I am thrilled to work with the incredible programming team there, and to continue working with [SVP programming operations] John Dimick and [chief content officer] Brian Philips. Coming over from Minnesota for my third tour of Wisconsin radio, I’ll still be wearing purple… but only the stuff related to Prince! Here’s to continue making great radio that our listeners love!” 
have started The OG Live Podcast Co to operate their business. They say the new podcast program, titled, “Ovies & Giglio,” will drop three times a week – Monday, Wednesday and Thursday mornings – on a YouTube channel. Giglio tells the paper, “We’re going to try to do what we’ve been doing, only on our own. The outpouring from both listeners and from our sources — coaches, administrators, commissioners, (Canes owner) Tom Dundon — that part has been overwhelming and obviously super encouraging at a time when we obviously needed it. So that’s kinda why we thought we could do this. We hope we can make the most of the chance that we have.” 
and 2022 guiding the charitable organization to more than quadruple the amount of financial aid it distributes to radio and TV professionals in acute need from $400,000 to nearly $2 million last year. “I am very proud to have known Jim for nearly 40 years as a colleague and a friend,” said Scott Herman, chairman of the Broadcasters Foundation. “Jim believed deeply in helping others and his passion and enthusiasm for life always lit up a room. He always saw the positive in every person and every situation.” Prior to his service to the industry as president of the BFoA, Thompson had been president and CEO of Group W Radio, the second largest radio company in the country during his leadership, and along with Mike Craven was co-owner of Liberty Broadcasting, a 19-station radio group concentrated on the East Coast. He began his broadcasting career as an account executive at KYW-TV, Philadelphia in 1971, where he rose to vice president and general manager. An innovator and visionary, Thompson created the Radio-Mercury Awards to encourage and reward excellence in radio creative. He served on the boards of the Radio Advertising Bureau and the Advertising Council, was vice chairman of the Pennsylvania State Broadcasters Association and a member of numerous committees, including the NAB Radio Futures Committee. A member of the U.S. Army, Thompson served in Vietnam. The presentation will be made by talk show host Harry Hurley of WPG, Atlantic City at TALKERS 2023 on Friday, June 2 at Hofstra University on Long Island.
of South Florida-based Lapcom Communications Corporation – a consultation and marketing firm that specializes in helping radio stations and program providers stay afloat financially and actually thrive in these uncertain times of digital media disruption. 
His career goes back more than four decades during which he has served in various management capacities at some of the nation’s biggest radio and television operations in addition to working with major names in talent. Harrison and Lapa engage in a productive chat about the existential challenges facing radio as well as some of the age-old techniques of sales and marketing that withstand the test of time. Lapa, who will be moderating the sales panel at the forthcoming TALKERS 2023 conference on June 2, states, “We have to get radio out of the emergency room and into recovery.” 
quarter to $21.7 million compared to the same period last year. A significant part of the increase in station operating expense for the quarter was due to a $272 thousand increase in our self-insured health care costs and a $446 thousand increase in employee compensation, including payroll taxes at the station level. After a number of years of holding the company’s compensation expenses flat, we decided that adjustments in our employee compensation were warranted in consideration of the economic times and inflationary environment.” 
segment’s total revenue was $223.4 million, up 4% over the same period in 2022. The company’s Multiplatform Group reports total revenue of $529 million (a decline of 7%) and that segment breaks down as follows: Broadcast Radio revenue was $383.2 million (down 7.7% from Q1 2022) and Networks reports revenue of $107.9 million (down 8.2% from Q1 of 2022). Chairman and CEO Bob Pittman comments, “We are pleased to report that our first quarter 2023 results were a bit above the high end of our Adjusted EBITDA and Revenue guidance ranges – and that more importantly, while both the macroeconomic climate and the advertising marketplace remain uncertain, the audio and digital advertising markets appeared to be stronger in the quarter than we had initially anticipated. We expect that our second quarter Adjusted EBITDA, while below 2022 levels, will be approximately double what we generated in the first quarter, and this, in combination with our Q1 first quarter performance relative to guidance, gives us confidence that our Adjusted EBITDA results will continue to improve throughout 2023, and that we will be well positioned to build further in 2024 in terms of revenue growth, profitability, and Free Cash Flow generation.”
which he’ll be responsible for the development and distribution of NewsNation’s audio content. He’ll also assist in news writing and NewsNation specials. Nexstar president of networks Sean Compton states, “As we recently celebrated the milestone becoming 24-hour news network weekdays, we are continually looking for ways to grow the NewsNation brand across our linear and digital platforms. I am thrilled that Lee Harris is going to be leading these efforts as we further expand the network’s reach with viewers and listeners across the country.” Harris comments, “It took an incredible opportunity to convince me to leave 1010 WINS after nearly 30 years. But Sean Compton and [president of news programming] Michael Corn showed me that at NewsNation I will be helping to fundamentally change the way news is covered and presented in this country and this is an opportunity I couldn’t pass up.” Meet Lee Harris at TALKERS 2023 on Friday, June 2 at Hofstra University on Long Island. 
Tampa and Sarasota responsibilities. Salem Media Group regional VP Val Carolin comments, “As we worked to fill the big shoes that Barb Yoder has worn so effectively these past 12 years as general manager, we were thrilled to learn that Carolyn had a strong desire to return to her Florida roots and serve the communities in her home state. Carolyn has proven herself to be a tireless leader with a deep commitment to service. She’s a hard and smart worker who gets involved and gets things done. I’m confident that the dedication and the skills she possesses will prove to be a great fit for our strong Tampa/Sarasota operation.”
and streaming for everything from brand awareness to consumer purchase. Audacy chief marketing officer Paul Suchman says, “Audio holds the title as the undisputed leader of brand-building channels – working its magic with the one-two punch of massive reach and beloved and trusted personalities. But if you’re thinking of Audio as just a top-of-funnel play – good for sparking a conversation but not driving conversion – think again. The truth is the game has expanded in recent years and audio is now a truly multi-purpose platform. Thanks to precision targeting, authentic influencers whose listeners follow them across channels, and advanced measurement, marketers are uncovering the best-kept secret in media – audio’s ability to drive impact at every funnel stage.”